L. Roy Papp & Associates LLP Boosts Stake in BlackRock $BLK

L. Roy Papp & Associates LLP increased its stake in BlackRock (NYSE:BLK) by 0.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 37,379 shares of the asset manager’s stock after purchasing an additional 102 shares during the quarter. BlackRock makes up approximately 4.7% of L. Roy Papp & Associates LLP’s portfolio, making the stock its 3rd biggest holding. L. Roy Papp & Associates LLP’s holdings in BlackRock were worth $39,219,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of BLK. Fairway Wealth LLC raised its holdings in shares of BlackRock by 76.5% in the 1st quarter. Fairway Wealth LLC now owns 30 shares of the asset manager’s stock worth $28,000 after purchasing an additional 13 shares during the period. Game Plan Financial Advisors LLC raised its holdings in shares of BlackRock by 100.0% in the 1st quarter. Game Plan Financial Advisors LLC now owns 30 shares of the asset manager’s stock worth $28,000 after purchasing an additional 15 shares during the period. Garde Capital Inc. raised its holdings in shares of BlackRock by 200.0% in the 2nd quarter. Garde Capital Inc. now owns 27 shares of the asset manager’s stock worth $28,000 after purchasing an additional 18 shares during the period. Cheviot Value Management LLC bought a new stake in shares of BlackRock in the 1st quarter worth approximately $30,000. Finally, MorganRosel Wealth Management LLC bought a new stake in shares of BlackRock in the 1st quarter worth approximately $31,000. Institutional investors own 80.69% of the company’s stock.

Insider Activity

In other news, CEO Laurence Fink sold 14,828 shares of the business’s stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $1,122.28, for a total transaction of $16,641,167.84. Following the completion of the transaction, the chief executive officer directly owned 263,751 shares in the company, valued at $296,002,472.28. The trade was a 5.32% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Fabrizio Freda sold 4,434 shares of the company’s stock in a transaction on Thursday, July 24th. The stock was sold at an average price of $1,122.81, for a total transaction of $4,978,539.54. Following the completion of the transaction, the director owned 3,506 shares of the company’s stock, valued at $3,936,571.86. This trade represents a 55.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,494 shares of company stock valued at $74,694,573 over the last 90 days. Company insiders own 1.98% of the company’s stock.

Wall Street Analysts Forecast Growth

BLK has been the topic of a number of research reports. Morgan Stanley lifted their price target on shares of BlackRock from $1,224.00 to $1,362.00 and gave the stock an “overweight” rating in a report on Monday. Evercore ISI lifted their price target on shares of BlackRock from $1,200.00 to $1,230.00 and gave the stock an “outperform” rating in a report on Thursday. Keefe, Bruyette & Woods reduced their price objective on shares of BlackRock from $1,247.00 to $1,224.00 and set an “outperform” rating for the company in a research note on Wednesday, July 16th. Barclays lifted their price objective on shares of BlackRock from $1,210.00 to $1,310.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, Jefferies Financial Group lifted their price objective on shares of BlackRock from $1,196.00 to $1,325.00 and gave the company a “buy” rating in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $1,258.13.

BlackRock Stock Up 0.1%

BLK opened at $1,165.64 on Friday. The company has a fifty day moving average price of $1,134.03 and a 200-day moving average price of $1,033.55. The firm has a market capitalization of $180.50 billion, a P/E ratio of 28.18, a price-to-earnings-growth ratio of 2.21 and a beta of 1.45. The company has a debt-to-equity ratio of 0.39, a current ratio of 4.04 and a quick ratio of 4.04. BlackRock has a one year low of $773.74 and a one year high of $1,184.13.

BlackRock (NYSE:BLK) last released its quarterly earnings results on Tuesday, July 15th. The asset manager reported $12.05 EPS for the quarter, beating analysts’ consensus estimates of $10.41 by $1.64. The firm had revenue of $5.42 billion during the quarter, compared to analyst estimates of $5.40 billion. BlackRock had a net margin of 29.68% and a return on equity of 15.53%. The business’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same period in the previous year, the business earned $10.36 EPS. Equities research analysts expect that BlackRock will post 47.41 earnings per share for the current fiscal year.

BlackRock Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 23rd. Stockholders of record on Friday, September 5th were given a dividend of $5.21 per share. This represents a $20.84 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Friday, September 5th. BlackRock’s payout ratio is 50.39%.

BlackRock Company Profile

BlackRock, Inc is a publicly owned investment manager. The firm primarily provides its services to institutional, intermediary, and individual investors including corporate, public, union, and industry pension plans, insurance companies, third-party mutual funds, endowments, public institutions, governments, foundations, charities, sovereign wealth funds, corporations, official institutions, and banks.